Super Solar Energy Group, a wholly-owned subsidiary of Thai utility Superblock, will acquire five solar energy companies, according to a filing on the Thailand Stock Exchange.

The transaction is worth a total 14 billion baht (US$396 million) and the five project companies have a combined capacity of 290MW of electricity generation.

The five companies are:

Power Technology International (PTI) – 55.6MW

Energy Serve (ESERVE) – 81.45MW

Infinite Alternative Energy (IAE) – 87MW

Amanuve (AMN) – 30MW

Sri Naga Power (SNP) – 36MW

In the filing, Jormsup Lochaya, Superblock chairman of the board, said: “The company has a policy to invest in business expansion and production of electricity from renewable energy. In particular solar – the company plans to expand this side constantly.”

In June, Superblock announced plans to invest 30 billion baht this year to expand its solar energy business.

The company set a 500MW target for commercial operation of solar capacity this year. At the time, it had already signed deals for 396MW of solar plants for 2015. The company also aims to double capacity to 1GW in 2016 and up to 2GW over the next three years.